Guqiang Luo, Kun Tracy Wang and Yue Wu
Using a sample of 9,898 firm-year observations from 1,821 unique Chinese listed firms over the period from 2004 to 2019, this study aims to investigate whether the market rewards…
Abstract
Purpose
Using a sample of 9,898 firm-year observations from 1,821 unique Chinese listed firms over the period from 2004 to 2019, this study aims to investigate whether the market rewards meeting or beating analyst earnings expectations (MBE).
Design/methodology/approach
The authors use an event study methodology to capture market reactions to MBE.
Findings
The authors document a stock return premium for beating analyst forecasts by a wide margin. However, there is no stock return premium for firms that meet or just beat analyst forecasts, suggesting that the market is skeptical of earnings management by these firms. This market underreaction is more pronounced for firms with weak external monitoring. Further analysis shows that meeting or just beating analyst forecasts is indicative of superior future financial performance. The authors do not find firms using earnings management to meet or just beat analyst forecasts.
Research limitations/implications
The authors provide evidence of market underreaction to meeting or just beating analyst forecasts, with the market's over-skepticism of earnings management being a plausible mechanism for this phenomenon.
Practical implications
The findings of this study are informative to researchers, market participants and regulators concerned about the impact of analysts and earnings management and interested in detecting and constraining managers' earnings management.
Originality/value
The authors provide new insights into how the market reacts to MBE by showing that the market appears to focus on using meeting or just beating analyst forecasts as an indicator of earnings management, while it does not detect managed MBE. Meeting or just beating analyst forecasts is commonly used as a proxy for earnings management in the literature. However, the findings suggest that it is a noisy proxy for earnings management.
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Chengyun Liu, Kun Su and Miaomiao Zhang
This study aims to examine whether and how gender diversity on corporate boards is associated with voluntary nonfinancial disclosures, particularly water disclosures.
Abstract
Purpose
This study aims to examine whether and how gender diversity on corporate boards is associated with voluntary nonfinancial disclosures, particularly water disclosures.
Design/methodology/approach
This study uses corporate water information disclosure data from Chinese listed firms between 2010 and 2018 to conduct regression analyses to examine the association between female directors and water information disclosure.
Findings
Empirical results show that female directors have a significantly positive association with corporate water information disclosure. Additionally, internal industry water sensitivity of firms moderates this significant relationship.
Originality/value
This study determined that female directors can promote not only water disclosure but also positive corporate water performance, reflecting the consistency of words and deeds of female directors in voluntary nonfinancial disclosures.
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Abstract
Purpose
On-ramp merging areas are typical bottlenecks in the freeway network since merging on-ramp vehicles may cause intensive disturbances on the mainline traffic flow and lead to various negative impacts on traffic efficiency and safety. The connected and autonomous vehicles (CAVs), with their capabilities of real-time communication and precise motion control, hold a great potential to facilitate ramp merging operation through enhanced coordination strategies. This paper aims to present a comprehensive review of the existing ramp merging strategies leveraging CAVs, focusing on the latest trends and developments in the research field.
Design/methodology/approach
The review comprehensively covers 44 papers recently published in leading transportation journals. Based on the application context, control strategies are categorized into three categories: merging into sing-lane freeways with total CAVs, merging into sing-lane freeways with mixed traffic flows and merging into multilane freeways.
Findings
Relevant literature is reviewed regarding the required technologies, control decision level, applied methods and impacts on traffic performance. More importantly, the authors identify the existing research gaps and provide insightful discussions on the potential and promising directions for future research based on the review, which facilitates further advancement in this research topic.
Originality/value
Many strategies based on the communication and automation capabilities of CAVs have been developed over the past decades, devoted to facilitating the merging/lane-changing maneuvers at freeway on-ramps. Despite the significant progress made, an up-to-date review covering these latest developments is missing to the authors’ best knowledge. This paper conducts a thorough review of the cooperation/coordination strategies that facilitate freeway on-ramp merging using CAVs, focusing on the latest developments in this field. Based on the review, the authors identify the existing research gaps in CAV ramp merging and discuss the potential and promising future research directions to address the gaps.
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Kun Tracy Wang, Guqiang Luo and Li Yu
The purpose of this study is to examine whether and how analysts’ foreign ancestral origins would have an effect on analysts’ earning forecasts in particular and ultimately on…
Abstract
Purpose
The purpose of this study is to examine whether and how analysts’ foreign ancestral origins would have an effect on analysts’ earning forecasts in particular and ultimately on firms’ information environment in general.
Design/methodology/approach
By inferring analysts’ ancestral countries based on their surnames, this study empirically examines whether analysts’ ancestral countries affect their earnings forecast errors.
Findings
Using novel data on analysts’ foreign ancestral origins from more than 110 countries, this study finds that relative to analysts with common American surnames, analysts with common foreign surnames tend to have higher earnings forecast errors. The positive relation between analyst foreign surnames and earnings forecast errors is more likely to be observed for African-American analysts and analysts whose ancestry countries are geographically apart from the USA. In contrast, this study finds that when analysts’ foreign countries of ancestry are aligned with that of the CEOs, analysts exhibit lower earnings forecast errors relative to analysts with common American surnames. More importantly, the results show that firms followed by more analysts with foreign surnames tend to exhibit higher earnings forecast errors.
Originality/value
Taken together, findings of this study are consistent with the conjecture that geographical, social and ethnical proximity between managers and analysts affect firms’ information environment. Therefore, this study contributes to the determinants of analysts’ earnings forecast errors and adds to the literature on firms’ information environment.
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Ming Gao, Dongkai Li, Kun Liu, Shuliang Xu, Feng Zhao, Ben Guo, Anhui Pan, Xiao Xie and Huanre Han
The brake pipe system was an essential braking component of the railway freight trains, but the existing E-type sealing rings had problems such as insufficient low-temperature…
Abstract
Purpose
The brake pipe system was an essential braking component of the railway freight trains, but the existing E-type sealing rings had problems such as insufficient low-temperature resistance, poor heat stability and short service life. To address these issues, low-phenyl silicone rubber was prepared and tested, and the finite element analysis and experimental studies on the sealing performance of its sealing rings were carried out.
Design/methodology/approach
The low-temperature resistance and thermal stability of the prepared low-phenyl silicone rubber were studied using low-temperature tensile testing, differential scanning calorimetry, dynamic thermomechanical analysis and thermogravimetric analysis. The sealing performance of the low-phenyl silicone rubber sealing ring was studied by using finite element analysis software abaqus and experiments.
Findings
The prepared low-phenyl silicone rubber sealing ring possessed excellent low-temperature resistance and thermal stability. According to the finite element analysis results, the finish of the flange sealing surface and groove outer edge should be ensured, and extrusion damage should be avoided. The sealing rings were more susceptible to damage in high compression ratio and/or low-temperature environments. When the sealing effect was ensured, a small compression ratio should be selected, and rubbers with hardness and elasticity less affected by temperature should be selected. The prepared low-phenyl silicone rubber sealing ring had zero leakage at both room temperature (RT) and −50 °C.
Originality/value
The innovation of this study is that it provides valuable data and experience for the future development of the sealing rings used in the brake pipe flange joints of the railway freight cars in China.
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Xinning Li, Kun Fan, Lu Wang and Lang Zhou
The purpose of this paper is to design a contract to coordinate the biomass molding fuel supply chain consisting of a supplier with uncertain supply and a producer with cyclical…
Abstract
Purpose
The purpose of this paper is to design a contract to coordinate the biomass molding fuel supply chain consisting of a supplier with uncertain supply and a producer with cyclical demand as well as improve the profit of this supply chain.
Design/methodology/approach
In this paper, the supply chain model was build and all the variables and assumptions are set. Stackelberg game model was used to analyze and solve the problem. Furthermore, the authors give numerical examples and result analysis on the basis of data coming from field study and online information about a real biomass fuel supply chain.
Findings
The wholesale price with shortage penalty contract the authors proposed can coordinate the supply chain. And as the dominator of the supply chain, the producer can realize the redistribution of profits within the supply chain by determine the contract parameters.
Research limitations/implications
This one-to-one supply chain is a basic of complex supply chain system. Multi-to-one, one-to-multi and multi-to-multi supply chain can be studied in the future.
Originality/value
The results obtained in this paper can be used as a reference for enterprises in biomass energy supply chain to make contracts and realize the long-term co-operations among supply chain members.
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Nidhi Jaswal, Dipanker Sharma, Bhawana Bhardwaj and Sascha Kraus
Our study aims to understand what is known about happiness at work (HAW) in terms of publication, citations, dimensions and characteristics, as well as how knowledge about HAW is…
Abstract
Purpose
Our study aims to understand what is known about happiness at work (HAW) in terms of publication, citations, dimensions and characteristics, as well as how knowledge about HAW is generated regarding theoretical frameworks, context and methods. Additionally, it explores future directions for HAW research.
Design/methodology/approach
This paper conducts a systematic literature review of 56 empirical articles published between 2000 and 2022 to comprehensively explore HAW. It examines publication trends, citation patterns, dimensions, characteristics, theoretical frameworks, contextual factors and research methodologies employed in HAW studies.
Findings
Our findings suggest that while HAW research has gained momentum, there is still a need for exploration, particularly in developing countries. Various theoretical frameworks such as the job demand-resources model, social exchange theory and broaden-and-build theory are identified, with suggestions for the adoption of less popular theories like the positive emotion, engagement, relationships, meaning and accomplishment (PERMA) model and flow theory for future investigations. The review contributes to workplace happiness literature by offering a comprehensive analysis spanning two decades and provides valuable insights for guiding future research toward exploring factors influencing employee well-being.
Originality/value
Our article offers a structured analysis of HAW literature, emphasizing the necessity for more extensive research, especially in developing nations. It provides valuable insights into the theories and dimensions associated with HAW, guiding future research and assisting organizations in formulating strategies to enhance employee happiness and overall well-being.
Kun Wang, Weihua Zhang, Zhongxiang Feng and Cheng Wang
The purpose of this paper is to perform fine classification of road traffic visibility based on the characteristics of driving behavior under different visibility conditions.
Abstract
Purpose
The purpose of this paper is to perform fine classification of road traffic visibility based on the characteristics of driving behavior under different visibility conditions.
Design/methodology/approach
A driving simulator experiment was conducted to collect data of speed and lane position. ANOVA was used to explore the difference in driving behavior under different visibility conditions.
Findings
The results show that only average speed is significantly different under different visibility conditions. With the visibility reducing, the average vehicle speed decreases. The road visibility conditions in a straight segment can be divided into five levels: less than 20, 20-30, 35-60, 60-140 and more than 140 m. The road visibility conditions in a curve segment can be also divided into four levels: less than 20, 20-30, 35-60 and more than 60 m.
Originality/value
A fine classification of road traffic visibility has been performed, and these classifications help to establish more accurate control measures to ensure road traffic safety under low-visibility conditions.
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Deema Almaskati, Apurva Pamidimukkala, Sharareh Kermanshachi, Jay Rosenberger and Ann Foss
The purpose of this study is to address the significant impact AVs will have on public services and the ability of first responders to conduct their jobs safely and effectively…
Abstract
Purpose
The purpose of this study is to address the significant impact AVs will have on public services and the ability of first responders to conduct their jobs safely and effectively. Autonomous vehicles (AVs) are expected to drastically change the transportation industry, and it is vital that first responders be equipped to integrate them into their occupational responsibilities.
Design/methodology/approach
A systematic literature review was conducted, and following a multistep exclusion process, 161 articles were selected for detailed review. The impacts of AVs on first responders were identified, classified and categorized into lists of challenges and opportunities. Based on the findings of the literature review, a SWOT (strengths, weaknesses, opportunities and threats) analysis was conducted, and stakeholder management strategies were designed.
Findings
Through the examination of the impacts of AVs on first responders, 17 identified challenges and opportunities were classified into the following categories: AV-related emergency response and training, perceptions and acceptance of AVs, technology development and laws and regulations. The study revealed that the optimal benefits of AVs would require stakeholders to focus more on how they interact with first responders; thus, 14 stakeholder management strategies were identified. First responders, AV manufacturers, legislators and future research paths will all benefit from this study, as it can facilitate smooth interactions between AVs and first responders.
Originality/value
A range of studies have been published on the safety of AVs and the public’s perceptions of this new technology; however, the integration of AVs and their interactions with first responders has been neglected. The goal of this study was to fill that research gap by providing a thorough synthesis of autonomous driving systems in the context of their interactions with first responders.